Ronovation Limited (trading as Ronovationz) was ordered to pay a penalty of $400,000 following admissions it breached s 27 via 30 of the Commerce Act (and, for conduct on or after 15 May 2018, s 30 of the Commerce Act) by entering into and giving effect to a price fixing agreement between its members not to compete for residential investment properties in Auckland. Ronovation advised its members on acquiring investment property. As Ronovation’s membership grew its members found themselves competing with each other. In 2011 Ronovation’s director Mr Hoy Fong developed a set of rules to ensure members were not competing against each other. Under the rules, the first member to notify their interest then had priority over other members, who were not permitted to negotiate or bid for the property in competition with the member who had priority.
